Ivanhoé Cambridge and Hines Break Ground on CIBC SQUARE’s Second Tower in Toronto

Ivanhoé Cambridge and Hines officially broke ground on CIBC SQUARE’s second tower located at 141 Bay Street in Toronto’s Financial District. Construction on the 50-storey office tower is scheduled to be completed in 2024. Phase one of the project led to the opening of the new Union Station Bus Terminal at the end of 2020 and first tower at 81 Bay Street is set to open its doors this year.

Once complete, the development will consist of two towers connected by a one-acre, elevated park. In phase two of the project, at 141 Bay Street, the office tower, elevated park and PATH connections to Union Station and East of Esplanade through Backstage Condominium will be completed. The 1.5 million-square-foot office building at 141 Bay Street will contribute to CIBC SQUARE’s total 3 million square feet of commercial space in Toronto’s Financial District.

CIBC is the lead tenant of CIBC SQUARE. “Our new home will accelerate the future of work with a modern, flexible and inclusive environment that is uniquely designed to curate client and workplace experiences focused on our purpose – to help make our clients ambitions real,” said Veni Iozzo, Executive Vice President, Enterprise Real Estate and Workplace Transformation, at CIBC. “We are very excited to welcome our team and new neighbours to CIBC SQUARE Phase one later this year.”

“Ivanhoé Cambridge is delighted to continue to develop Toronto’s skyline with Phase two of CIBC SQUARE through the construction of 141 Bay Street. Phase one, 81 Bay Street has brought our vision of a city-defining office complex for human-centered services and sustainable design solutions to life, all to deliver the highest tenant experience. We are excited to see 141 Bay Street further define the future of office experience for tenant partners and the community,” said Jonathan Pearce, Executive Vice President, Leasing & Development, Office & Industrial, North America at Ivanhoé Cambridge.

“We are thrilled that we are breaking ground on the second tower of CIBC SQUARE. The second tower at 141 Bay Street, in particular, has been designed to elevate the human experience through health and wellness. The building’s green areas, spacious one-acre park, enhanced air quality, and thoughtfully appointed amenities reflect a commitment to one’s health, safety and security,” said Avi Tesciuba, Hines Canada Country Head.

“141 Bay Street is set to seamlessly complement 81 Bay Street and our overall goal of creating a next-generation environment that will elevate all of the city’s offerings while setting a tone for the future. The building is being engineered to LEED® platinum standards and is pursuing WELL Building Standard™ certification and will connect the city to a new international standard of office,” said David Hoffman, General Manager at CIBC SQUARE.

“CIBC SQUARE is an exciting project for our team as it is WilkinsonEyre’s first project in Toronto. The building will have a lightly folded glazed facade and create a diamond pattern every 10 storeys, to add a vertical scale and modulation contrasting with the surrounding buildings. The completion of Phase two will set a benchmark for the city with the destination’s vibrant, technically and socially advanced architecture, which will benefit the city for decades to come,” said Dominic Bettison, Director at WilkinsonEyre.